Contrary to popular belief, compensation is rarely the driver behind law firm partner defections, and not even one of the top 3 attributes lawyers cite in seeking new firms. In fact, in a recent survey published in the ABA Journal, lack of confidence in management is the top reason partners leave.
Focusing on total compensation or exorbitant bonuses may seem like the answer to keeping lawyers satisfied, but it is not -- perhaps because lawyers have long recognized that additional money does not bring additional happiness or fulfillment. Time to focus on the intangibles–a feeling of support, strong management, and culture to attract and keep your talent.
Asked to rank on a 1-to-5 scale the importance of factors that influenced their choice of a new firm, the top factor was practice area support, with a ranking of 4.41, followed by firm culture (4.30), personality of partners (4.16), good management (4.10), the firm’s financial health (4.10) and anticipated compensation (3.71).